Rate of Turn Indicator Market

Rate of Turn Indicator Market : Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation

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Report ID: 540 | Published On: Feb 01, 2022

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


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Rate of Turn Indicator Market Overview

Rate of turn indicator is referred to a device which is used to measure the rate a ship is turning. It measures the rate of turn in degrees per minute. The rate of turn device works on the principle of gyroscope. Turn of indicator device points a straight direction when the ship is steering in straight course and the pointer display to zero. 


Market Size and Forecast

The global rate of turn indicator market is expected to grow at a robust growth over the forecast period i.e. 2017-2024. The market of rate of turn of indicator is growing on the back of numerous factors such as expansion of marine industry and government regulation for the adoption of rate of turn device by all ships of 50,000 gross tonnages and upwards.

Rate of turn indicator market

The global market of rate of turn indicator is segmented into product type, scale and region. Further, product type is segmented into analog and digital rate of turn indicator. In addition to this, analog rate of turn indicator accounted the largest market in 2016. This growth of analog rate of indicator is attributed to the mandatory policies taken by government for the usage of compulsion of turn of indicator.

In terms of geography, Asia-Pacific region is anticipated to be the biggest market of rate of indicator by the end of 2024. Moreover, the factors propelling the growth of rate of turn indicator market in Asia-Pacific region includes growing government investment to improve the marine industry and positive GDP figures of the emerging economies such as China and India. Furthermore, Japan and China are the major contributors in the market of rate of turn indicator in Asia-Pacific region due to growing ship building industry.

Europe region captured the second largest market of rate of turn indicator in terms of revenue in 2016. Likely, the major countries contributing in the market of rate of turn indicator in Europe region includes Germany, Greece, Italy, The Netherlands and others. Moreover, rapid urbanization coupled with rising waterborne activities due to growing sea trading is envisioned to foster the growth of Europe region.

North America region projected to grow at a significant pace over the forecast period aided by U.S. Moreover, presence of major key vendor of rate of turn indicator in North America region is believed to foster the growth of rate of turn indicator market.CLICK TO DOWNLOAD SAMPLE REPORT      


Market Segmentation

Our in-depth analysis segmented the global rate of turn indicator market in the following segments:

By Product Type

  • Analog rate of turn indicator
  • Digital rate of turn indicator

Rate of Turn Indicator Market Share

By Scale

  • 30 deg/min
  • 120 deg/min
  • 300 deg/min

By Region

Global rate of turn indicator market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis


Rate of turn indicator market
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Growth Drivers and Challenges

The factors augmenting the demand for rate of turn indicator globally include rising need to check the turn of the ship, strict norms taken by government regarding installation of rate of indicator and robust expansion of marine industry. Further, increasing ocean trade activities coupled with growing demand for imported goods is supplementing the growth of rate of turn indicator market by the end of 2024.

Furthermore, rapid urbanization along with strict regulation taken by government regarding marine industry devices for better navigation, proper steering position indicator and others are projected to bolster the growth of rate of turn indicator market across the globe. Moreover, technological advancement in rate of turn indicator devices is predicted to propel the growth of rate of turn indicator market.

However, decline in the manufacturing of ships in Europe region is predicted to hamper the growth of rate of indicator market across the globe over the forecast period i.e. 2017-2024.


Rate of Turn Indicator Market Share
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